Cardano ADA/USD is essentially a blockchain-based network that is powered by its native cryptocurrency token, ADA and is being utilized for decentralized applications (dApps) and other various use-cases.
Specifically, the network enables smart contract functionality and was originally released in 2017, after which it quickly started climbing the ladder in terms of market capitalization.
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The success of Milkomedia as a catalyst for growth
On May 11, 2022, Tangent launched Cardano, which was a highly anticipated, permissionless platform that brings artists, investors, and other interested parties together.
However, this wasn’t the only way through which the ecosystem grew.
Cardano’s Milkomedia sidechain, which has been active for two months, has the potential to become a roll-up to Cardano’s main chain.
This is based on an announcement posted on May 21 by Cardano Blockchain insights.
Specifically, Milkomedia has managed to process over 5 million transactions since it was launched. This means that it processed 100,000 transactions on a daily basis.
However, even though this is such a high flow of transactions, users were not facing any issues with network congestion or high transaction costs. In fact, the average cost of a transaction was just $0.001 USD.
Additionally, Milkomedia also supports wrapped tokens through two bridges, and these include Celer and Nomad.
What this results in is the fact that traders can use USDT and USDC alongside cryptocurrencies such as AVAX, BNB, and ETH, aside from the variety of Ethereum-based cryptocurrencies.
Furthermore, Milkomedia aims to have 32 validators and could offer a high capacity of 500 to 1,000 transactions per second (TPS).
This could lead to an increased value of the Cardano (ADA) cryptocurrency.
Should you buy Cardano (ADA)?
On May 23, 2022, Cardano (ADA) had a value of $0.5477.
In order for us to get a better perspective as to what kind of value point this actually is for the ADA cryptocurrency, we are going to go over its all-time high point of value, alongside the performance the token showcased throughout the previous month.
Cardano (ADA) had its all-time high on September 2, 2021, when it reached a value of $3.09. Here we can see that at its ATH, the token was $2.5423 higher in value or by 464%.
When we take a look at its performance throughout the previous month, Cardano (ADA) had its highest point of value on April 4 at $1.2297. Its lowest point was on April 30 at $0.7809.
Here we can see a decrease in value of $0.4488 or by 36%.
However, with this development in mind, we can expect Cardano (ADA) to climb in value by the end of June, where it can reach $1.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:
- Etoro, trusted by over 13m users worldwide. Register here >
- Capital.com, simple, easy to use and regulated. Register here >
*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
Source: https://invezz.com/news/2022/05/23/cardanos-milkomeda-sidechain-might-become-networks-zkrollup-is-ada-worth-buying/